Securing Lifelong Retirement Income Global Annuity Markets and Policy

by Mitchell, Olivia S.; Piggott, John; Takayama, Noriyuki

• ISBN13: 9780199594849
• ISBN10: 0199594848
• Format: Hardcover
• Copyright: 2011-07-21
• Publisher: Oxford University Press

Summary

Interest in longevity and longevity risk management is burgeoning, as government and regulatory agencies are increasingly conscious of the potential risks and benefits of longer lifespans. Commercial and industrial organizations, especially within the financial sector, are awakening to the opportunities presented by population aging, along with the new array of financial insurance instruments to manage longevity risk, which more sophisticated markets are making possible. This volume explores three main themes: the need for products to manage longevity risk; the structure and safety of financial products on the market that help manage longevity risk; and the role of policy in stimulating and strengthening longevity insurance products. This edited volume brings together leading international experts to evaluate the challenge posed by trends in longevity risk and draws out the implications and constraints of this new reality for insurance companies and annuity providers. It discusses both emerging economies (India, Chile) and many of the older nations (Sweden, Canada, the US, Australia, Japan, the UK and Switzerland). It aims to instigate new thinking among retirement planners, plan sponsors, academics, and industry leaders seeking to manage retirement payouts and longevity risk.

Author Biography

Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor and the Chair of the Department of Insurance and Risk Management, Executive Director of the Pension Research Council, and Director of the Boettner Center on Pensions and Retirement Research at the Wharton School of the University of Pennsylvania. John Piggott is Scientia Professor of Economics and ARC Australian Professonal Fellow in the School of Economics at the University of New South Wales' Australian School of Business. Noriyuk Takayama is the Pension Research Chair Professor at the Institute of Economic Research with Hitotsubashi University in Tokyo and is a Distinguished Scholar at the Research Institute for Policies on Pension and Aging.

Table of Contents

List of Figures
List of Tables
Notes on Contributors
Abbreviations
Turning Wealth into Lifetime Income: The Challenge Ahead	p. 1
Annuity Markets Around the World
The Swedish Annuity Market: Where it is and Where it's Headed	p. 13
Market Structure and Challenges for Annuities in India	p. 32
Annuities and their Derivatives: The Recent Canadian Experience	p. 50
The United States Longevity Insurance Market	p. 63
Too Much Risk to Insure? The Australian (non-) Market for Annuities	p. 81
Pension Payouts in Chile: Past, Present, and Future Prospects	p. 106
The Private Life Annuity Market in Germany: Products and Money's Worth Ratios	p. 131
Annuity Markets in japan	p. 159
Compulsory and Voluntary Annuity Markets in the United Kingdom	p. 171
Payouts in Switzerland: Explaining Developments in Annuitization	p. 195
End Pages	p. 214
Index	p. 219
Table of Contents provided by Ingram. All Rights Reserved.